Scorpio Bulkers Narrows Loss

Scorpio Bulkers has its loss narrowed to $124.8 million, or $2.22 per share for the year ended December 31, 2016, compared with a net loss of $510.7 million seen in the same period a year earlier.

However, it reported a loss of $20.6 million in its fourth quarter of 2016 ended December 31, compared with a net loss of $302 million seen in the same period a year earlier.

In Q4 on a per-share basis, the company said it had a loss of 29 cents. The dry bulk ocean shipper posted revenue of $26.8 million in the period.

The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 25 cents per share and revenue was expected at $28.8 million.

The Company reached agreements with shipyards to reduce the price to be paid under the shipbuilding contracts of one Kamsarmax vessel that was delivered in the first quarter of 2017 and one Kamsarmax vessel that is scheduled to be delivered in the second quarter of 2017 by approximately $2.5 million each.